WHAT THE 2003 TAX CUTS HAVE CAUSED
[ul][*]$14,374,330,000,000 Total Increase in Household Wealth Since April 2003
[*]$5,700,000,000,000 Total Increase in Shareholder Wealth Since May 20, 2003
[*]$863,654,000,000 Total Amount of Tax Cuts Enacted Since Fiscal Year 2003
[*]$783,890,000,000 Total Amount of Additional Tax Cuts to be Returned to Taxpayers Through 2010
[*]$625,000,000,000 Total Increase in Federal Tax Revenues Since FY 2003
[*]$207,788,000,000 Reduction in the Deficit in the Past 29 Months Due to Stronger Economic Growth
[*]$98,600,000,000 Combined Income Gains for Shareholders From Dividend Increases & Tax Savings 03-05
[*]$62,000,000,000 Surplus of Capital Gains Tax Revenue Not Accounted For By Revenue Estimators
[*]$60,000,000,000 Deficit REDUCTION Since the Tax Cut Was Signed Into Law
[*]300,001,643 Total Number of Americans benefiting from President Bush"s Tax Cut
[*]91,000,000 Number of Individuals Owning Shares of Stock in America
[*]23,000,000 Number of Small Businesses Benefiting from Income Tax Reductions
[*]6,600,000 Number of Jobs Created Since the Tax Cut Was Signed Into Law
[*]12,000 The Magic Number of the Dow Jones Industrial Index is an Arms Length Away
[*]$2,092 Tax Increase for a Family of Four With $50k of Income if Tax Cuts Are Repealed
[*]200 Number of House Members Who Voted Against This Growth Generating Tax Cut
[*]50 Number of US Senators Who Voted Against This Growth Generating Tax Cut
[*]25 Number of Years Dividend Paying Companies Declined Prior to the 2003 Tax Cut
[*]164.0% % Increase in the Dividend Tax Rate if the Income and Dividend Tax Cuts Expire
[*]123.0% % Increase in Dividend Income and Share Repurchases Since 2003 Tax Cut
[*]91.0% % Increase of Stock Ownership in the Bottom Quintile of Income Distribution Since 1995
[*]74.0% % Increase in S&P 500 Companies Boosting Their Dividend Since 2002
[*]65.0% % of Voters Who Were Investors in the 2004 Elections
[*]51.2% % of Total Tax Cut "Cost" That Has Been Recouped From Higher Levels of Growth
[*]14.0% % Margin of Victory for Republicans From Investor Voters in 2002 Elections
[*]4.6% Unemployment Rate Which Continues To Disprove the Constant Economic Pessimism
[*]3.7% % Average Quarterly GDP Growth Since Tax Cut Was Enacted (long run average is 3.3%)
-- from http://snipurl.com/zueb
[/ul] Negative Reporting Bad news is always bigger news than good news. But a study by the Business and Media Institute says when it comes to the economy, broadcast network news stories are overwhelmingly and intentionally negative. The year-long study of evening news programs revealed more than twice as many negative economic stories as positive " and the negative stories were in full -length reports " while the positive were in shorter forms. The study says the "CBS Evening News" went negative on the economy in 80 percent of its reports " the highest percentage among the three networks. [see http://www.businessandmedia.org ]
If it is going up then one of 2 things need to be done unless we want to bankrupt the nation eventually, either spending needs to go down or taxes need to go up. Simple.
The problem is that both parties know they would never win re-election if they didn't spend more then they bring in, the only difference is what they spend the money on and that is it.
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The Tazman aka Martin Price
Proud father of a Devil Dog
If it is going up then one of 2 things need to be done unless we want to bankrupt the nation eventually, either spending needs to go down or taxes need to go up. Simple.
The problem is that both parties know they would never win re-election if they didn't spend more then they bring in, the only difference is what they spend the money on and that is it.
there is a third possibility-increased revenue from the existing tax structure.
boysda that is not a third possibility, that is part of the equation of whether the federal defecit is going up or down.
It is simple math, if we have less coming in then we have going out it creates a defecit, if we have more coming in then going out then we beging to pay down the national debt.
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The Tazman aka Martin Price
Proud father of a Devil Dog
boysda that is not a third possibility, that is part of the equation of whether the federal defecit is going up or down.
It is simple math, if we have less coming in then we have going out it creates a defecit, if we have more coming in then going out then we beging to pay down the national debt.
whoops. you two-stepped me. you're right. my bad.
my less-than-stunning mathematical abilities are a result of generations of selective in-breeding.
If it is going up then one of 2 things need to be done unless we want to bankrupt the nation eventually, either spending needs to go down or taxes need to go up. Simple.
The problem isn't that simple. Revenues have gone UP, EVERY TIME there has been a tax cut. It happened for Kennedy. It happened for Reagan, and it happened for Bush. If you increase taxes, it will stifle the economy and result in reduced revenues.
The solution is to cut spending, not to increase taxes.And, of course, you have to balance the fact that decreased spending will have a negative impact on the economy as well.
I cringe every time I hear someone callfor increased taxes as a solution to anything. I already paya ton more than the benefit I receive. Between income, FICA, real estate, sales, and other taxes, I'm losing a huge percentage of my income. Way more than what King George was taking when the Americans decided they'd had enough and threw his tea in the harbor...
Ipsc, good post. I would disagree with the negative impact of less government spending. That money would be spent or invested by those of us in the private sector & be more a boon to the economy than government spending.
I agree, great post ipsc. SPENDING is the problem, particularly nondiscretionary entitlement programs that not only give money to those who never paid in, but even to those who never lived here before now.
MY opinion is that selective cuts in gov't spending would be nothing but positive. Doug mentioned one area, and I'm sure there's plenty more that aren't common knowledge for the general public.
One thing I haven't noticed mentioned (maybe I missed it). The deficit is growing, but has everyone forgotten we are at war?
Chad
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"We can have no '50-50' allegiance in this country. Either a man is an American and nothing else, or he is not an American at all."-- Theodore Roosevelt
A wise man's heart is at his right hand; but a fool's heart at his left. Ecclesiasties 10:2
The last four letters in American..........I Can
The last four letters in Republican........I Can
The last four letters in Democrats.........Rats
Those Darn Tax Cuts the Dems Want to Repeal
